Mobile Payments Spur Pop-Up Movement
Currently a $10 billion industry, pop-up stores have proved to be a significant growth sector in retail. But to do it well, retailers need an agile, mobile POS that is equipped to handle mobile payment methods. As pop-up stores and temporary spaces have become increasingly popular in the new age of digital commerce, mobile payment tools are an essential capability for success.
The endless possibilities of pop-ups
Retail pop-up stores have a variety of benefits for retailers, allowing them to launch a physical presence at one-fifth of the cost of a permanent location. They can be used to drive anticipation and brand exposure, reach new clients, and test different markets. The flexibility of pop-ups has sparked the interest of retailers from Karl Lagerfeld to Canon with its virtually unlimited possibilities. From a personalization standpoint, mobile devices can be used to collect customer data and lay customized foundations to build a new customer relationship.
Setting up a stand at Glastonbury, a store-within-a-store in Harrod’s, or a temporary gallery in a London warehouse, all pop-ups need a mobile POS to handle set-up, inventory and sales. Pop-ups often carry a display item in each size, and if a customer wants to purchase the item, it must be ordered and delivered from the nearest store or distribution center.
In addition to having a mobile POS that can integrate with the retailer’s normal supply chain activities, pop-ups all need all need a way to need a way to process the payments customers in a way that is fast, secure, and convenient.
Why adopt mobile payments?
One of the biggest obstacles to establishing a successful temporary retail spot is being able to accept multiple forms of payment. But only a quarter of payments are made in cash these days, so enabling your customers pay with cards and mobile payments is a must.
According to Allied Market Research, global mobile payment transactions will be worth more than £3.5 trillion by 2023, following growth of 33.8% CAGR between 2017-2023.The adoption of cashless payment methods varies around the world, but mobile wallets already have millions of users around the world.
Studies also show that a variety of payment options motivate customers to spend more. Today’s consumer likes–and trusts–options, so offer them the option to pay in whatever way they feel is best, and they’ll reward you by spending a bundle.
Which methods should you accept?
Multiple forms of mobile payments exist, though some will be better suited to your pop-up store. You can set up a table at a flea market and accept payments with PayPal, or you could accept payments via cell phone with Google Wallet. You could use a service like Square to accept credit cards through your smartphone or tablet. Or, tap into direct carrier billing to allow customers to make purchases and have the cost applied to their cell phone bills.
Perhaps the easiest option is having a commerce platform like Openbravo which not only accepts traditional cash and card options, but also multiple payment methods like WeChat and Alipay. A cloud-based platform like Openbravo can ensure your pop-up is ready to go with all the functionalities you need as soon as your mobile device is online, giving your pop-up maximum flexibility.
Want to know more about Mobile Payments? Watch our on-demand webinar, “Choosing the Right Mobile Payments Strategy for your Retail Business.“